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An automotive dealer borrowed $9000


An automotive dealer borrowed $9000.00 from the Bank of Montreal on a demand note on May 15. Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the 15th of each month. The automotive dealer made a payment of $1800 on July 20, a payment of $4400 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 15 was 5% per annum. The rate was changed to 5.4% on August 1 and to 5.9% on October 1. What was the total interest cost for the loan? The total interest cost for the loan is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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